Financial crisis
BIS papers weigh up ongoing risks to global stability
Papers from 2018 AGM include contributions from Forbes, Tucker, Gourinchas and Rey
Sovereign debt restructuring does not hamper returns long-term – IMF paper
Investors who sell during crises fare much worse than those who buy and hold
Doves vs hawks: IMF advice on unconventional monetary policy
Funds’ advice on innovative measures has not always “stood the test of time”, writes Philip Turner
ECB welcomes Cypriot state’s rethink on central bank law
Law allows recapitalisation of the central bank if necessary and clarifies powers to dismiss directors
Israel could be vulnerable to global shock – central bank
Worsening liquidity conditions in local markets could amplify a global crisis, Bank of Israel says
Large US banks pass Fed’s second round of stress tests
Fed approves capital plans of 17 of the largest banks, which now can increase dividend payments and share buybacks
Switzerland should tighten macropudential policies – IMF directors
Authorities should strengthen financial regulator and address real estate risks, IMF chiefs say
Spanish and Italian labour markets still slack – ECB paper
Researchers use "Beveridge curve" to gauge efficiency of eurozone labour markets
RBNZ places country’s largest bank under scrutiny
In May, central bank withdrew permission for ANZ Bank to assess its own operational risk capital
European banks must change culture – EBA head
Business areas are most in need of change, and boards need better information, Enria says
Book notes: Why not default?, by Jerome Roos
A thought-provoking book that will repay the investment of any reader with an interest in sovereign debt
Bundesbank paper presents new model of banks’ risk-taking
Traditional models make error in assuming that banks choose fixed-size portfolios, authors argue
Fischer warns Trump could sabotage Fed crisis response
Fed independence under “unprecedented” threat and second Trump term would harm US – Fischer
IMF formalises strategy on ‘social spending’
Lagarde says tackling inequality, exclusion and other social problems is key to rebuilding trust
Review calls on IMF to deepen monetary expertise
Independent report says IMF broadly made the right calls on risks around unconventional policy, but shortage of expertise leaves fund behind the curve
Finnish researchers propose new crisis indicator
Bank of Finland paper compares short term credit-to-GDP ratio to "Basel gap"
Martin Feldstein, 1939–2019
The US economist was hugely influential in shaping both policy and economic research
Sarb develops methodology to find ‘systemically important’ banks
South Africa’s central bank bases analysis on BCBS research
Romania’s Mugur Isarescu on independence in a ‘post-truth’ world
National Bank of Romania veteran governor speaks to Christopher Jeffery about the country’s shift to a market economy, challenges in the eurozone and independence in a ‘post-truth’ world
Limited access to finance increased business exits in Great Recession – St Louis Fed
Illiquidity may have played a greater role than insolvency in business exits, researchers find
Climate change – Where can central banks contribute?
Climate change is becoming increasingly important to central banks thanks to its implications for financial stability. In a forum sponsored by Amundi, Central Banking convened a panel of experts to discuss the latest innovations, regulations and…
Colombian central bank suspends reserves accumulation
Board wants to assess the impact higher reserves may have on the peso’s exchange rate
BIS research documents high concentration of cross-border credit
Big banks dominate global credit, which matters for global spillovers, authors say
Carstens warns fading regulatory momentum strengthens ‘vested interests’
BIS chief says complacency could set in as regulators move from implementation to evaluation